The property arm of whisky tycoon Charoen Sirivadhanabhakdi, TCC Capital Land, has plans to invest in a new industrial estate project in Chon Buri to cash in on rising demand for capacity expansion in the automotive industry.
Tor Trisorat, TCC's chief executive, said the project was located on 2,000 rai of land and would focus on logistics services, especially for the supply chain of the automotive industry.
"It is the right time to invest in a new industrial estate," he said, adding the company conducted a feasibility study.
Mr Tor said TCC decided to start developing projects on the land bank soon mainly due to concerns over the proposed land, inheritance and gift taxes the government plans to introduce next year.
The Sirivadhanabhakdi family is one of the largest property owners in the country, as one report estimated the family owned a land bank of over 600,000 rai.
"We spent many years studying the possibility of an industrial estate on our land bank. The logistics industry has great potential in the area as Chon Buri requires a linkage between the parts production base and assembly sites," he said.
Mr Tor said TCC expected logistics service providers would want to expand their distribution centres and depots in the area.
He said the company had the capital but had not finalised the details of the investment budget.
TCC also plans to reintroduce its first industrial estate project in Phetchaburi province, Thai Diamond City. The massive 13,335-rai project failed to attract customers, which the company attributed to the subprime crisis and ensuing slump.
Monta Pranootnorapal, an advisor for TCC and former governor at the Industrial Estate Authority of Thailand, said the company needed to adjust the business plan. The project was set to be Thailand's first tourism and service industrial estate, and that concept is unchanged, she said.
"The project details need an update. The first phase of 1,700 rai under the initial plan will be adjusted soon," said Mrs Monta.